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"Netherland's based ING has stated the country is a key country to its growth, as it aims to become the fifth largest bank in Turkey, according to one of its executives.
The bank aims to become one of the first three banks the trading sector prefers, said Yaprak Soykan Baltacı, a vice general manager at ING Turkey. "We have proved we are lender that thinks locally, with 35 percent growth in 2009, despite the fact it was the year the effects of the crisis were most keenly felt."
"Turkey will be one of our main growth markets," board member Eli Leenaars told journalists at a press conference in Amsterdam.
Wilfred Nagel, the bank's chief executive in Turkey said that ING has to become the fifth biggest private bank in Turkey.
"Turkey has to broaden its basis of austerity," the CEO said, claiming that austerities would fuel investments and small and medium enterprises, or SMEs, in Turkey. ING Bank had 5,849 personnel and 330 branches across Turkey, he said.
"There are four or five companies with a similar growth potential with Turkey," he said.
César González-Bueno, an ING executive responsible for direct and international individual banking in 17 countries throughout Europe, said Turkey was the most exciting country in his region.
The Turkish banking sector is currently one of its biggest strengths, as companies vie for stakes in Turkish banks, while the most profitable Turkish banks buy stakes in German and European Banks, all the while increasing the revenue flow and capital balances in the sector.
The Turkish mortgage market is currently growing massively. Between the first quarter of 2009 and the first quarter of 2010 the mortgage market grew from 37.4 billion lira to 45 billion lira, a growth of around 18.9%. This is one of the main reasons for the popularity of Turkish property.
